The Ethena Foundation proposed buying the token supply held by major early investors and revealed a fee switch to turn 95% of net protocol revenue into ENA buybacks.
ENA's extended rally may depend on revenue mechanics after the fee switch goes live.
Ethena has proposed directing 95% of net revenue from its branded businesses toward ENA buybacks once USDe supply reaches $7.5 billion, as the protocol also moves to end monthly investor unlocks and separate ecosystem economics from Ethena Labs equity.
Ethena has initiated an onchain governance vote to activate its anticipated “fee switch” mechanism, directly linking ENA token buybacks to the circulating supply of its synthetic dollar, USDe.
Ethena Foundation restructures ENA token economics through buyouts, governance changes, and buybacks.
Ethena's strategic buyout and token policy shift could set a precedent for DeFi governance, impacting investor dynamics and market stability. Ethena Foundation buys out early investors and kills future VC token unlocks.
Ethena (ENA) is rallying as traders react to market momentum, ecosystem developments, and derivatives activity. Here's what may be driving ENA today.
Ethena's ENA traded near $0.147 on Aug. 27, retaining a weekly gain of about 25% after its sharp breakout met resistance near $0.180. ENA price retreats after reaching $0.180 Ethena (ENA) price was trading near $0.
On August 27, the on-chain analyst Ai 姨 (@ai_9684xtpa) spoke on X about a wallet that is connected to Hack VC, a venture firm, through which 21.85 million ENA worth nearly $3 million were transferred to the Wintermute deposit address.
CME Group added three US dollar reference rates and a real-time index for the ENA token. The metrics are calculated daily by CF Benchmarks for market closes in London, New York, and the APAC region. The integration only covers spot pricing tools and excludes tradeable ENA derivative contracts.
Ceffu executed transfers totaling 120 million USDC from wallets linked to the Ethena protocol on Monday, August 24, 2026. The institutional custody platform manages Ethena's Off-Exchange Settlement (OES) infrastructure via the MirrorX solution integrated with Binance.
An on-chain transfer has become a hot topic in the crypto world this Monday, August 24. According to blockchain tracker Onchain Lens, institutional custodian Ceffu has pulled out 120 million USDC worth from wallets associated with Ethena, which is behind the protocol for USDe valued at $4 billion or more.